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Financial Statements For The Year Ended 31 December 2017 |
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Munroe SW Limited |
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Previously known as |
Miller Mining Limited |
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REGISTERED NUMBER:
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Financial Statements For The Year Ended 31 December 2017 |
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for |
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Munroe SW Limited |
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Previously known as |
Miller Mining Limited |
Munroe SW Limited (Registered number: SC090434) |
previously known as Miller Mining Limited |
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Contents of the Financial Statements |
For The Year Ended 31 December 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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Munroe SW Limited |
previously known as Miller Mining Limited |
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Company Information |
For The Year Ended 31 December 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
Munroe SW Limited (Registered number: SC090434) |
previously known as Miller Mining Limited |
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Statement of Financial Position |
31 December 2017 |
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2017 | 2016 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Munroe SW Limited (Registered number: SC090434) |
previously known as Miller Mining Limited |
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Notes to the Financial Statements |
For The Year Ended 31 December 2017 |
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1. | STATUTORY INFORMATION |
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Munroe SW Limited is a
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number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Other debtors |
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VAT |
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Prepayments |
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Since the Statement of Financial Position date other debtors have been received in full to the company's bank |
account. |
Munroe SW Limited (Registered number: SC090434) |
previously known as Miller Mining Limited |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2017 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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Accrued expenses |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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Ordinary | £0.00 | 2 | 1,618,181 | - |
1,618,281 | 100 |
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during the year. |
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7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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8. | CONTINGENT ASSETS |
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The company disposed of an interest in an associated undertaking in 2016. Under the terms of sale agreement, |
the company was entitled to receive a deferred consideration. There was however a dispute with the purchaser |
which has been subject to legal proceedings. At the date of the Statement of Financial Position the outcome of |
the dispute was uncertain. Since the end of the year the dispute has been settled and the estimated net income is |
£3,900,000 after deducting costs. |
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9. | GUARANTEES AND INDEMNITIES |
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The company has provided an indemnity to GT TMGL Limited in respect of all previous mining activities |
carried out by GT TMGL Limited. No amount was paid under this indemnity in the year (2016: £Nil). |
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The company has entered into a Litigation Deed under which it indemnifies its previous parent companies |
Munroe Holdings Ltd (in Members Voluntary Liquidation) and The Munroe Group (UK) Ltd (in Members |
Voluntary Liquidation) in respect of any third party claim or litigation arising from the sale of Miller Argent |
Holdings Ltd in December 2015 or the previous ownership and operation of the Ffos-y-fran mine. No amount |
was paid under this indemnity in the year nor has there been any notification of any claim under it. |
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The company has provided an indemnity to the directors in respect of their roles in the US subsidiary companies |
James Miller & Partners Inc. and JH & L Coal Company Inc.. |
Munroe SW Limited (Registered number: SC090434) |
previously known as Miller Mining Limited |
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Notes to the Financial Statements - continued |
For The Year Ended 31 December 2017 |
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10. | RELATED PARTY DISCLOSURES |
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During the year Munroe SW Limited purchased James Miller & Partners Inc. (Delaware, USA) and JH & L Coal |
Company Inc. (Indiana, USA) from Munroe Holdings Limited (formerly known as TMGL Holdings Limited). |
The purchase was for £1 and the investments are considered to have a nil value. |